Malaysia’s Petronas drops legal action against Sarawak, to pay $462 million sales tax


Dateline 2020-05-08, Reuters:

Malaysian national oil firm Petronas has agreed to withdraw legal proceedings against Sarawak state and make full payment of a sales tax imposed by the state government on petroleum products for 2019 of 2 billion ringgit ($462 million), at 5% of the value of products, Petronas said in a statement on Friday.

Petronas agreed to withdraw an appeal of the Sarawak High Court’s decision on the application for a judicial review in March, while Sarawak will also drop all civil litigation against Petronas for payment of sales tax on petroleum products, the statement added.

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This entry was posted on Saturday, May 23rd, 2020 at 6:04 am and is filed under oil and gas. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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